Separation Payments Sample Clauses
POPULAR SAMPLE Copied 1 times
Separation Payments. (a) By the later of (i) the date that is seven (7) calendar days from Termination Date, and (ii) the Company’s next regular payroll date following Termination Date, the Company will provide you with the Accrued Obligations (as such term is defined in the Employment Agreement).
(b) Provided you have not voluntarily quit your employment with the Company prior to the Separation Date, in exchange for your executing a non-revocable Separation and Release Agreement, a copy of which is attached hereto (the “Release”) on or after the Termination Date, you will receive the following payments and benefits:
(i) Continuation of your base salary (at an annual rate of $350,000) for the period commencing on the Termination Date and ending on the one (1) year anniversary of the Termination Date (the “Severance Term”), payable in accordance with the Company’s payroll practices and subject to applicable withholdings;
(ii) An amount equal to the Pro Rata Bonus (as such term is defined in the Employment Agreement), equal to an aggregate of $173,611, payable in equal installments during the Severance Term and in accordance with the Company’s payroll practices and subject to applicable withholdings;
(iii) Subject to your election to participate in continuation coverage under the Company’s health plan pursuant to COBRA, payment of COBRA premiums for you and your covered dependents in excess of the cost of such health insurance coverage for active employees of the Company until the earlier of (A) expiration of the Severance Term, or (B) the date that you commence employment with any person or entity and, thus, are eligible for health insurance benefits; and
(iv) Reimbursement for all legitimate business expenses incurred by you which have not yet been reimbursed as of the date hereof, and an amount in respect of 21 days of Paid Time Off you have accrued while employed.
(c) In the event that any regular payroll date occurs prior to the Effective Date (as defined in the Release), any amount that would otherwise have been payable as a result of the subparagraphs (b)(i), (b)(ii) or (b)(iii) above shall be deferred and paid together with the regular salary installment on the first regular payroll date following the Effective Date.
(d) You acknowledge and agree that the payment(s) and other benefits provided pursuant to paragraph 2 are in full discharge of any and all liabilities and obligations of the Company or any other member of the Company Group to you, monetarily or with respect ...
Separation Payments. In respect of each month during the 12-month period measured from the day of the Executive’s Date of Separation from Service (the “Severance Period”), (x) an amount equal to one-twelfth of the Base Salary as in effect for the year in which the Date of Separation from Service occurs shall be paid in equal installments in accordance with the Corporation’s standard payroll practices (reduced by any amounts received by and/or payable to Executive in connection with benefits paid or payable as a result of Disability, if applicable) (the “Salary Continuation Payments”); and (y) an amount equal to one-twelfth of the Target Bonus as in effect for the year in which the Date of Separation from Service occurs shall be paid once a month (together with the Salary Continuation Payments, the “Separation Payments”);
Separation Payments. Subject to Employee’s consent to and fulfillment of Employee’s obligations in this Agreement and, if applicable pursuant to the Section 14(b) or (c) of the Employment Agreement, Employee’s post-termination obligations in Sections 8 and 9 of the Employment Agreement, and provided that Employee does not revoke this Agreement pursuant to Section 12 hereof, Matador shall pay Employee the amount of $[AMOUNT], minus normal payroll withholdings and taxes (“Separation Payment”), payable as provided in the Employment Agreement. The Separation Payment will not be treated as compensation under Matador’s 401(k) Plan or any other retirement plan.
Separation Payments. In consideration for your execution, return and non-revocation of this Release on or after the date your employment is terminated (the “Separation Date”), the Company will provide you with the Separation Payments described in Section 3(d) of the Employment Agreement:
Separation Payments. Following Executive’s separation from service with Company on or after his Vesting Date (as defined in Section 7), Company shall pay to Executive the sum of THIRTY-FOUR THOUSAND TWO HUNDRED SEVEN and 04/100 Dollars ($34,207.04) per month, beginning six months and one week after Executive’s date of separation for a period of ten (10) years, or until Executive’s death, whichever first occurs (the “Separation Payments”). Such payments shall be subject to any and all applicable withholding, Social Security, employment, income and other taxes or assessments, if any, under the applicable tax law. If Executive should die during the ten-year period during which payments are being made under this Paragraph 3, then those payments shall terminate and future payments, if any, shall be made to Executive’s designated beneficiary(ies) or Executive’s estate in accordance with the provisions of Paragraph 4 of this Agreement.
Separation Payments. Except to the extent provided in Section 5.09 and Section 5.18, Executive shall be entitled to the benefits set forth below (the “Separation Benefits”) upon termination of employment:
(a) Upon any termination of employment including by reason of death or Disability, Executive’s voluntary termination of employment with or without Good Reason or upon termination of Executive’s employment with or without Cause, Executive shall be entitled to:
(i) Executive’s earned but unpaid Base Salary and other vested but unpaid cash entitlements (including any earned but unpaid cash annual bonus for the performance year prior to the year in which Executive terminates employment) for the period through and including the date of termination of Executive’s employment (other than entitlements referenced in Section 3.03(b) below) (the “Accrued Compensation”); and
(ii) Executive’s other vested benefits earned by Executive for the period through and including the date of Executive’s termination of employment, which shall be paid in accordance with the terms of the applicable plans, programs or arrangements (the “Accrued Benefits”).
(b) Upon a Qualifying Event, the Company shall pay Executive in addition to the amounts set forth in Section 3.03(a) above:
(i) Cash compensation through the second anniversary of such Qualifying Event (the “Payment Period”) in equal installments during the Payment Period in accordance with the applicable Company payroll, in an amount equal to two times the sum of (y) the highest Base Salary in effect during the six-month period immediately prior to the time of such termination and (z) Executive’s Target Cash Bonus Opportunity (as defined below), on the condition that Executive has delivered to the Company a release substantially in the form as attached hereto as Exhibit A (with such changes as may be required under applicable law) of any employment-related claims and that such release becomes effective and irrevocable; provided, however, that the release must be signed within 30 days after Executive’s separation from service and any payment that otherwise would be made within such 30-day period shall by paid at the expiration of such 30-day period with interest at the Stated Interest Rate (as defined below), subject to Executive’s execution of such release; and
(ii) A pro-rata bonus amount for the year of Executive’s termination of employment calculated as Executive’s Target Cash Bonus Opportunity multiplied by a fraction, the numerator of which is t...
Separation Payments. In consideration for Employee signing and not revoking this Release and complying with Employee’s obligations under the CIC Agreement and obligations hereunder, the Company will provide the severance payments to Employee as provided in the CIC Agreement.
Separation Payments. (a) In the event that the Executive's employment with the Company is terminated on or prior to March 31, 2004, by the Company without Cause or by the Executive for Good Reason, in addition to any other pay and/or benefits which have accrued to Executive, Executive shall receive separation payments and benefits as follows:
(1) continuation of Executive's then-effective base annual salary for the longer of: (i) the period commencing on the effective date of the Executive's termination of employment (the "Termination Date") and ending on March 31, 2004; and (ii) the period commencing on the Termination Date and ending on the one- year anniversary of the Termination Date; such salary continuation to be paid on a semi-monthly basis in arrears for the appropriate period; plus
(2) an amount equal to two times Executive's target APC for the year in which Executive's employment is terminated, minus any amount of APC paid or payable to Executive for any period on or prior to March 31, 2004. The APC shall be payable to the Executive on the dates of APC payment to other executives of the Company; it being understood that the Executive does not need to be employed by the Company on any date of payment in order to receive the APC set forth in this subparagraph 8(a)(2) or in order to receive the APC earned in the year immediately preceding the year in which Executive's employment is terminated; plus
(3) continued vesting of all equity awards through March 31, 2004 (with stock options being exercisable in accordance with the terms of stock options granted generally to executives of the Company, but the date of termination of employment being deemed March 31, 2004); plus
(4) full vesting of his deferred compensation benefit; plus
(5) continuation of the Benefits through March 31, 2004.
(b) Without regard to the end of the term under 2 above, in the event that the Executive's employment with the Company is terminated on or after April 1, 2004, by the Company without Cause, in addition to any other pay and/or benefits which have accrued to Executive, Executive shall receive separation payments and benefits as follows:
(1) continuation of Executive's then-effective base annual salary for the period commencing on the Termination Date and ending on the one-year anniversary of the Termination Date, paid on a semi-monthly basis in arrears; plus
(2) one times Executive's target APC for the year in which Executive's employment is terminated. APC shall be payable to the Executive on...
Separation Payments. Subject to Executive's execution of a Release and except to the extent provided under Section 5.07 and Section 5.09, Executive shall be entitled to the benefits set forth below (the "Separation Benefits") upon termination of employment under the following circumstances:
(a) Upon a Nonqualifying Event, Executive shall be entitled to:
(i) The Accrued Compensation;
Separation Payments. 4.7.1 At any time while an employee is a redeployee, they may give notice that they wish to accept a VSP.
4.7.2 A redeployee will only be required to provide one weeks’ notice to terminate their employment (or less by agreement).
4.7.3 An employee who indicates that they wish to accept a VSP, in accordance with clause 4.7.1, will be entitled to the following amounts of redundancy pay:
a. An employee who has been a redeployee for between 0 to 3 months is entitled to receive redundancy pay equal to 100% of the VSP prescribed in clause 2.5 plus a lump sum payment of $15,000; or
b. An employee who has been a redeployee for more than 3 months and up to 12 months is entitled to receive redundancy pay equal to 100% of the VSP prescribed in clause 2.5; or
c. An employee who has been a redeployee for more than 12 months is entitled to receive redundancy pay equal to 75% the VSP prescribed in clause 2.5.